ING cements its dominance in real estate financing for shopping centres amid a booming southern European retail market. Discover how ING’s strategic investments in Spain and Portugal fuel its robust 2025 performance and expand its presence in residential, logistics, and commercial property sectors.

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ING Reinforces Leadership in Real Estate Financing for Shopping Centres in Spain and Portugal

ING’s Strategic Focus on Real Estate Financing Amid Retail Boom in Southern Europe

The southern European real estate market, particularly in Spain and Portugal, has witnessed significant momentum in recent years. Central to this surge in retail investment is ING, the Dutch banking giant, which has further fortified its leadership in real estate financing—particularly within the shopping centre segment. As retail investment flourishes, ING’s focused strategy positions it at the forefront, reinforcing the bank’s influence across both the Spanish and Portuguese commercial property landscapes.

Retail Real Estate: A Prime Growth Engine for ING in Iberia

The health of the retail sector in southern Europe is at an all-time high. This vibrancy has attracted major financial institutions to actively participate in financing prime assets. ING, known for its robust corporate banking division, identifies real estate, especially shopping centres, as an engine driving its recent record-breaking results.

In 2025, ING’s corporate banking income statement saw real estate as a “major culprit” for its outstanding performance—an accolade owed largely to its investments in residential, Purpose-built Student Accommodation (Pbsa), logistics, and most recently, retail shopping centres. The Dutch bank’s strategic expansion into these segments mirrors its ability to anticipate market trends and adapt to evolving investor appetites.

ING’s Expanding Retail Portfolio: From Madrid and Barcelona Outlet Refinancing to Lisbon Office Investment

Over the last year, ING engaged in several headline real estate financing deals, underlining its commitment to both Spanish and Portuguese retail markets. Standout transactions included:

• Refinancing Value Retail’s Spanish Outlets: ING provided significant financial backing for the refinancing of Value Retail-owned outlets—specifically, the prominent Las Rozas Village in Madrid and La Roca Village in Barcelona. These outlets have consistently attracted both local and international shoppers, thus reinforcing ING’s calculated move to focus on retail-heavy destinations.
• Norte Shopping in Porto: The bank also refinanced Norte Shopping, a critical asset under the Sonae Sierra group, further deepening its roots in Portugal’s burgeoning retail sector.
• Lisbon’s Commercial Office Market: In addition to retail, ING’s investment extends to office properties, especially across Lisbon’s dynamic business districts. The bank’s portfolio continues to grow in Portugal, signaling broader ambitions to capture greater market share both in commercial and retail real estate.

Targeting Prime City Locations: Challenges and Opportunities

While ING’s activities in Portugal’s office and retail sectors continue to flourish, the bank faces unique challenges in penetrating Spain’s most coveted property markets. ING’s sights are set on Madrid’s prestigious Recoletos-Castellana axis—arguably the heart of Spain’s commercial real estate. However, limited asset rotation in this prime district has thus far curtailed opportunities for new financing deals. Even so, ING remains vigilant, ready to capitalize on opportunities as soon as individual properties become available.

Diversifying into Residential Real Estate and Student Accommodation

The bank’s significant experience in retail mortgage banking is now steering it toward new ventures, especially in the build-to-sell residential market. With a strong track record in student residence lending—an increasingly attractive sector due to rising demand for modern student housing in major Spanish cities—ING is well-poised to leverage its financing expertise for residential developers.

Record Growth in Mortgages and Customer Acquisition

ING’s leadership extends beyond commercial financing to the residential mortgage market. The bank’s 2025 financial report for the Iberian Peninsula highlighted several impressive metrics:

• €25,900 Million in Mortgages: ING’s mortgage book reached €25.9 billion, up 9% from 2024. This growth is attributed mainly to loans issued to individuals under 36 years, representing a substantial 45% of all new mortgages.
• €4.2 Billion in Housing Loans: Throughout 2025, ING issued €4.2 billion in new housing loans, with a noteworthy 6% of that sum dedicated to properties featuring A/B energy certifications—a nod to ING’s commitment to sustainable lending and energy efficiency.

Strengthening the Technology Edge: Madrid’s New Innovation Hub

A testament to its ongoing growth, ING celebrated the launch of its technology and innovation hub in Madrid during 2025. This move supports the bank’s digital transformation agenda, aligning with broader trends in real estate financing that call for enhanced digital solutions and customer-centric platforms. Furthermore, the upcoming inauguration of a flagship branch in Madrid’s bustling centre will further solidify ING’s market-leading position and customer reach.

ING’s Expanding Impact on Spain and Portugal’s Real Estate Ecosystem

The dual focus on Spain and Portugal, coupled with an agile and innovative approach to real estate financing, has propelled ING to new heights. The Iberian market contributes approximately 6% to the bank’s global profits, a sharp uptick indicating Spain and Portugal’s growing importance within ING’s worldwide operations.

Key drivers behind this expansion include:

• Retail and Logistics Synergies: By investing in both shopping centres and logistics, ING leverages synergies arising from e-commerce growth, last-mile delivery requirements, and demand for integrated retail experiences.
• Student Housing Demand: The popularity of Pbsa correlates with Spain and Portugal’s draws as international study destinations.
• Sustainability Initiatives: Prioritizing green mortgages and energy-certified properties aligns with both regulatory requirements and evolving client expectations.

Transforming Real Estate Financing in Southern Europe

ING’s strategic bets across shopping centres, residential real estate, student accommodation, and commercial offices underscore a comprehensive approach to supporting southern Europe’s property investment renaissance. Its ability to adapt and innovate within real estate financing has enabled the Dutch financial institution to capture a leading role, not merely as a lender, but as a key strategic partner for developers, investors, and end-users alike.

Real Estate Financing: A Driving Force in ING’s 2025 Results

Central to ING’s thriving corporate banking income, real estate financing continues to outpace other segments. With a formidable €23,000 million invested across managed products in Spain and Portugal, ING’s appetite for well-performing real estate assets shows no sign of waning.

During 2025, ING welcomed a record-breaking 325,000 new customers in Spain and Portugal, underscoring its appeal amid an increasingly competitive banking sector. Customer savings and total financing volumes expanded by 8% year on year—a clear indicator of ING’s healthy balance sheet and growing public confidence in its service offering.

The Future of Shopping Centre Investment and ING’s Role

As southern Europe’s shopping centres retain their attractiveness for both locals and tourists, the sector promises robust returns amid low interest rates and a resilient consumer base. ING’s reinforced commitment ensures ample liquidity and competitive financing solutions for property developers and operators, positioning the bank as a go-to financier for iconic retail centres.

The seamless blend of traditional property financing, innovation in green lending, and tailored solutions for both retail and residential assets differentiates ING from peers keen to capitalise on Iberia’s ongoing real estate momentum.

ING’s Vision for Real Estate in Spain and Portugal

ING’s dominant stance in real estate financing for shopping centres in Spain and Portugal is emblematic of its broader ambitions for the region. By continuing to target high-performing sectors—including retail, logistics, student accommodation, and sustainable residential projects—the bank not only propels its own financial results but also supports the revitalization and expansion of Iberia’s property markets.

With further investments on the horizon, a new flagship Madrid branch set to open, and a pioneering approach to digital real estate solutions, ING is poised to shape the future of real estate financing for years to come.

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Tags:
real estate financing, ING, shopping centres, Spain, Portugal, retail investment, corporate banking, student housing, logistics, commercial real estate, mortgages Spain, property investment, southern Europe real estate, Lisbon office market, Madrid property financing, green mortgages, sustainable property financing